Psychological accounts of human risky choice have traditionally been cast primarily in terms of structural descriptions of choice data. These accounts have comprised extensions of the expected value formulation, with each successive extension having been developed to accommodate additional phenomena of human choice and judgment. The most recent such extension involves transformations of decumulative probability, the likelihood of obtaining as much as a given value from a risky process. This extension has proven capable of capturing a wide range of choice phenomena. Furthermore, in comparison to earlier approaches, decumulative weighting models are especially attractive because the structural account that they provide can be linked more naturally to other important psychological levels of description including descriptions of the cognitive procedures underlying observed choice behavior and of the subjective experience of the person actually making the choice. The latter linkage between the structural and experiential levels is examined in detail using a fuzzy propositional formulation that has been used previously to account for the cognitive processes of pattern recognition, categorization, and ambiguity resolution.
Keywords: risky choice, decision making, fuzzy logic
Short Title: Oden, G. (1997) PsyBeit 1-2:56Prof. Gregg C. Oden
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